Wiikey and Wiinja are the ones everyone seem to have, Wiikey has had better reviews and sounds better on paper anyway. Who knows if the reviews are true nowadays, can't seem to trust any reviewers now (apart from here) Not heard many complaints about Wiikey but then most of these complaints are probably due to people not burning discs properly.

Still gonna wait until a few months before I get one to see what's about.

Just an addendum to the above post, the Wiikey isn't out yet, so anything you hear about it is just speculation at this point. It definitely looks better on paper than anything else. Right now the Wiinja has more support from the community.

There are two open source DIY modchips out there that show potential right now but are still in their infancy.

From Good to Bad from things I've heard and read (don't have any chip myself yet):
I put between () what makes it worse then the thing above
WiiKey Real
Wiinja DX (Seems pretty much the same as WiiKey, but I believe WiiKey uses another update mechanism which doesn't reveal it's own source, if Wiinja would update everyone else could rip the source, so it's likelier they won't)
Wiinja V2 (No update support, no region unlocking (without patch). no rewriteable media support))
WiiKey Fake (Rather vague wtf it is with those fake WiiKey's, but they seem to be pretty much like CycloWiz2)
CycloWiz V2 (Does support updating, but don't expect to see an update. CycloWiz slows down disc reading speed resulting in slowdowns in movies in the game and incompatibilities with some games like Rayman, CoD and Spongebob, does also support region unlocking. I'm not completely sure if anything of this was fixed in this new version though, if it is, it would be just like Wiinja DX, but I recommend WiiKey anyway, cause the Cycloteam is not reliable imo)
Wiinja V1 (No update support, DRE's when drive becomes idle, D2B incompatible)
CycloWiz V1 (Has all the problems described above and the updateability is discutable, they promise to release an update within 3 days, if they don't it's quite sure the chip is not updateable)

There are also 2 open source mod chips at the moment, Wiip and Chiip. Wiip is a chip created by the TCNiSO Corporation, while Chiip is based on the source of CycloWiz V1. From the open source chips Wiip is the best as Chiip is based on the crapiest chip on the market and not created by themself so less likelier to get good updates.

And there's also this cable solution, but I personally don't see this as an ideal solution.

From Good to Bad from things I've heard and read (don't have any chip myself yet):
I put between () what makes it worse then the thing above
WiiKey Real
Wiinja DX (Seems pretty much the same as WiiKey, but I believe WiiKey uses another update mechanism which doesn't reveal it's own source, if Wiinja would update everyone else could rip the source, so it's likelier they won't)
Wiinja V2 (No update support, no region unlocking (without patch). no rewriteable media support))
WiiKey Fake (Rather vague wtf it is with those fake WiiKey's, but they seem to be pretty much like CycloWiz2)
CycloWiz V2 (Does support updating, but don't expect to see an update. CycloWiz slows down disc reading speed resulting in slowdowns in movies in the game and incompatibilities with some games like Rayman, CoD and Spongebob, does also support region unlocking. I'm not completely sure if anything of this was fixed in this new version though, if it is, it would be just like Wiinja DX, but I recommend WiiKey anyway, cause the Cycloteam is not reliable imo)
Wiinja V1 (No update support, DRE's when drive becomes idle, D2B incompatible)
CycloWiz V1 (Has all the problems described above and the updateability is discutable, they promise to release an update within 3 days, if they don't it's quite sure the chip is not updateable)

There are also 2 open source mod chips at the moment, Wiip and Chiip. Wiip isÂ a chip created by the TCNiSO Corporation, while Chiip is based on the source of CycloWiz V1. From the open source chips Wiip is the best as Chiip is based on the crapiest chip on the market and not created by themself so less likelier to get good updates.

And there's also this cable solution, but I personally don't see this as an ideal solution.